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Tuesday, May 01, 2007

N.Y. offers 40-year loan

N.Y. offers 40-year loan to aid low-income buyers
American Banker (04/25/07) P. 17; Launder, William

The New York State Mortgage Agency (NYSMA) plans to make a 40-year, fixed mortgage product available to first-time and low-income home buyers in the state starting on May 1, 2007; but Phil Mancuso, an executive vice president of MLD Mortgage, is unsure if lenders will find the loan product attractive enough to carry it.

Marian Zucker, senior vice president of housing programs and policy for the agency, is not calling the 40-year mortgage an alternative to subprime loans; but NYSMA President and CEO Priscilla Almodovar says the loans make homeownership more affordable because they would lower the monthly payments. Mancuso, however, suggests that lenders that specialize in servicing may be put off by the likelihood that borrowers will refinance before they pay off the loan. Critics of the loans also say the mortgage product makes it more difficult for borrowers to build equity.
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